OKCoin Review

OKCoin Crypto Exchange Overview

OKCoin is an exchange platform that was originally founded in China in 2013 but now operates on a global scale, with the headquarters in San Francisco, California. It is one of the few platforms that allows fiat deposits, focusing on just five cryptocurrency pairs. Despite the fact that the exchange does not cover too many pairs, it is worth to mention that with OKCoin people are able to exchange Ethereum Classic and Litecoin for fiat, which is not very easy to do nowadays.

The main person behind the platform is Star Xu, founder and current CEO of the company. The exchange had been built in a very easy way to understand, making buying and selling crypto a simple process. Another great feature is related to security, provided through cold wallet technology, keeping private keys offline and not exposed to any risks. The exchange managed to build trust over the years, thanks to this great pack of features that enable people to get involved in the growing world of cryptocurrencies.

Main Features

Coin types: BTCUSD, ETHUSD, BCHUSD, ETCUSD, LTCUSD.

Available payment methods: cryptocurrency and wire transfer.

Fees structure: 0.2% trading fee, 0.1% USD withdrawal fee.

Verification process: after filling all the personal details and opening the account, each user must provide an identification document in order to reach the second level of verification.

Geographical restrictions: none.

Pros

The exchange offers the possibility of exchanging Litecoin and Ethereum Classic for US dollars.

No fees for deposit via a wire transfer or cryptocurrency.

A flat trading fee of 0.2%, favoring people who trade lower volumes.

Cons

A limited number of cryptocurrency pairs covered. The platform focuses solely on fiat-cryptocurrency pairs for a few major coins.

It is possible that foreign traders could face verification issues, depending on the type of document they provide.

Currently, the platform has very small daily volumes.

OKCoin Review Summary

Overall, OKCoin is one of the best choices for those people wanting to trade the most popular cryptocurrencies for US dollars. The only negative point is that only 5 pairs are being covered at the present time. The exchange also excels in terms of trading and transfer fees, offering some of the best numbers in the industry.